Aircraft Engine MRO Market- Highlights By Type And End Users, Phenomenal Growth Forecast Till 2028

The Aircraft Engine MRO Market size was valued at US$ 32.04 million by 2028 from US$ 22.15 million in 2021; it is expected to grow at a CAGR of 5.7% during 2022-2028.

Providers of aircraft engine MRO services offer a range of services, including routine maintenance of aircraft engines. While some providers focus on manufacturing only a few engines, others offer a variety of engines for different uses. As older aircraft are permanently retired, the aircraft fleet transition has a significant impact on the aircraft engine MRO market, as all aircraft engines require regular maintenance and daily checks prior to takeoff.

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The List of Companies -
1. Delta Airlines, Inc.
2. GE Aviation
3. CFM International
4. Lufthansa Technik
5. MTU Aero Engines AG
6. SIA Engineering Company
7. Sigma Aerospace
8. Safran S.A.
9. Raytheon Technologies Corporation
10. Rolls-Royce PLC

The market is segmented geographically into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with Asia Pacific holding a significant market share in 2020. The major players in the aircraft engine MRO market include Delta Airlines, Inc., GE Aviation, CFM International, Lufthansa Technik, MTU Aero Engines AG, SIA Engineering Company, Sigma Aerospace, Safran S.A., Raytheon Technologies Corporation, and Rolls-Royce PLC.

The popularity of narrow-body aircraft has been on the rise since the European Union Aviation Safety Agency and Federal Aviation Administration's recertification of the Boeing 737 MAX for commercial use in 2021. Narrow-body aircraft accounted for a significant share of the global aircraft engine MRO market in 2021, with over 14,000 of the more than 23,700 aircraft in operation being narrow-body aircraft.

The aircraft engine MRO market ecosystem is continuously evolving, with major players occupying the first node of the market. In addition, engine manufacturers and MRO service providers offer maintenance, repair, and overhaul services to commercial airlines, military forces, and general aviation owners.

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Safran Helicopter Engines announced in February 2022 that they had signed an MoU with Engineering to investigate the use of Sustainable Aviation Fuel (SAF) in helicopter engines. The aim of this partnership is to assist helicopter operators in their transition to SAF.

In March 2022, Safran also signed an MoU with Hindustan Aeronautics Limited (HAL) to expand their collaboration and explore new opportunities for helicopter engines in the military and civilian markets. This highlights their commitment to the Indian Government's "Atmanirbhar Bharat" vision, which aims to achieve self-sufficiency in defence technologies and MRO.

The aircraft engine MRO market study is segmented into engine, application, and aircraft type. Based on engine, the aircraft engine MRO market is segmented into turbine engine and piston engine. In 2020, the turbine engine segment led the aircraft engine MRO market with a larger share. Based on application, the market is segmented into commercial aviation, general aviation, and military aviation. In 2020, the commercial segment accounted for the largest share in the global aircraft engine MRO market. Based on aircraft type, the market is segmented into fixed wing aircraft and rotary wing aircraft. In terms of market share, fixed wing aircraft engines held a larger portion of the aircraft engine MRO market in 2020.

The global COVID-19 pandemic had an adverse impact on the world and led to the disruption of the economic conditions in many countries. The MRO services demand significantly declined in the Middle East and Africa (MEA) region due to the pandemic's effect on the aviation industry, resulting in grounded flights. This situation led to a loss of business among aircraft engine MRO service providers that offered their services to airlines in the region. The International Air Transport Association reported that airline revenue was negatively impacted due to the temporary suspension of flights. Saudi Arabia was the most affected aviation market in the Middle East and Africa, followed by the UAE, with over 16,000 general aviation aircraft cancellations in the region in 2020. The reduced flight activities caused by the pandemic hindered the market's growth in 2020.

The recent emergence of the Omicron variant of COVID-19 in South Africa has become a global concern due to the high number of infections. The outbreak has led to the closure of international borders and the suspension of flights from African countries, negatively impacting the aircraft engine MRO market in the region. However, in 2022, the Middle East and Africa are expected to receive a significant number of new aircraft, with even more deliveries projected by 2031. Despite a limited number of MRO providers in the region, international MRO providers are expanding their services to increase their market share. This is expected to drive the growth of the aircraft engine MRO market in the Middle East and Africa in the forecast period.

Rolls-Royce and MNG Airlines signed a Total Care agreement in 2021 for the Trent 700 engines, which are used to power two new Airbus A330-300 P2F freighter aircraft.

Also, in 2021, flynas, the budget airline of Saudi Arabia, entered into a multi-year RPFH contract with CFM International for their fleet of 80 Airbus A320neo aircraft, which are equipped with LEAP-1A engines.

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TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Market Overview
4.2 Porter's Five Force Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Key Industry Dynamics
Continued…

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